Homework Answers
| Slapshot Company | ||||
| Income Statement | Percentage | |||
| For the Month of June | ||||
| Sales Revenue (1,810 x $380) | $687,800 | 100.00% | ||
| Cost of goods sold | $380,100 | 55.26% | ||
| Gross margin | $307,700 | 44.74% | ||
| Expenses: | ||||
| Selling expenses; | ||||
| Commissions ($687,800 x 10%) | $68,780 | |||
| Fixed selling expenses | $64,400 | $133,180 | 19.36% | |
| Administrative expenses | $52,800 | 7.68% | ||
| Operating Income (Loss) | $121,720 | 17.70% | ||
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Instructions Slapshot Company makes ice hockey sticks and sold 1,810 sticks during the month of June...
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Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales priceand other selling expense of $65,000. Administrative expense totaled $53,800. Required: Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income...
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H UULURULUI Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $525,000. Suppose that on June 1, Slapshot had 650 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare a cost of goods sold statement for the month of June. Slapshot Company Cost of Goods Sold Statement For the Month of...
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The Old Tyme Ice Cream Shoppe sold 9,600 servings of ice cream during June for $2 per serving. Old Tyme purchases the ice cream in large tubs from the Dream Ice Cream Company. Each tub costs Old Tyme $9 and has enough ice cream to fill 15 ice cream cones. Old Tyme purchases the ice cream cones for $0.05 each from a local warehouse club. The Old Tyme Ice Cream Shoppe is located in a local strip mall, and rent...
Pb-b4A (similar to) The Old Fashioned Ice Cream Shoppe sold 9,000 servings of ice cream during Ane for $2 per serving. The shop purchases the ice cream in large bubs from the Golden Ice Cream Company. Each boosts the shop $18 and has enough ice cream to 40 ice cream cones. The shop purchases the low cream cones for $0.25 each from a local warehouse club. Located in an outdoor mall, the rent for the shop space is $1,700 per...
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